Bullboard - Stock Discussion Forum SolarBank Ord Shs SUUN

Alternate Symbol(s): N.SUNN

Utilities Utilities - Independent Power Producers

SolarBank Corporation is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the United States. The Company is engaged in the development, construction, and operation of solar photovoltaic (PV) power generation projects, battery energy storage systems, and electric vehicle (EV)-charging projects in Canada and... see more

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SolarBank Ord Shs > SolarBank Closes Acquisition of 2.5 MW Solar Sites

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Post by Betteryear2 on Nov 02, 2023 10:42am

SolarBank Closes Acquisition of 2.5 MW Solar Sites

Continued Growth of SolarBank's Independent Power Producer Portfolio
Projects have been in operation for seven years

TORONTO, Nov. 2, 2023 /CNW/ - SolarBank Corporation (CSE: SUNN) (OTC: SUUNF) FSE: GY2) ("SolarBank" or the "Company") is pleased to announce that it has closed its previously announced acquisition of control of two corporations that hold solar projects located in Ontario with a combined capacity of 2.5 MW (the "Projects"). The corporations OFIT GM Inc. and OFIT RT Inc. (the "Purchased Entities") were acquired pursuant to the terms of share purchase agreements (the "SPAs") dated October 23, 2023. SolarBank has issued 278,875 common shares (the "Consideration Shares") of SolarBank at a deemed value of $7.70 per share to the vendors (N. Fine Investments Limited and Linden Power Inc.) to complete the acquisition of the Purchased Entities (the "Transaction"). The Purchased Entities have been operating the Projects since 2017.

SolarBank Closes Acquisition of 2.5 MW Solar Sites in Ontario (newswire.ca)